Growth Driver: Increasing adoption of spatial genomics & transcriptomics in drug discovery & development
Northbrook, IL -- (SBWIRE) -- 01/14/2021 -- According MarketsandMarkets Research - The Global Spatial Genomics and Transcriptomics Market is projected to reach USD 404 million by 2025 from USD 178 million in 2020, at a CAGR of 17.8% during the forecast period. Market growth is largely driven by the increasing adoption of spatial genomics and transcriptomics analysis among small companies and startups, expanding applications in biomarker identification and drug discovery & development. Increasing investment in biopharmaceutical R&D. On the other hand, lack of awareness about these techniques in the emerging countries and the high cost of instruments are some factors limiting the market growth.
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COVID-19 impact on the global Spatial Genomics & Transcriptomics market;
COVID-19 is an infectious disease caused by the most recently discovered novel coronavirus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has since moved from being a regional crisis to a global pandemic. With the World Health Organization (WHO) officially declared the outbreak of the virus a pandemic, a mix of established pharmaceutical companies, as well as small startups, has stepped forward to develop treatments and vaccines that target the infection caused by the novel coronavirus. In June 2020, NanoString Technologies, Inc., a leading provider of life science tools for discovery and translational research, introduced new solutions to study the immune response in COVID-19 disease research. The company launched the nCounter Host Response Gene Expression Panel and the COVID-19 Panel Plus spike-in to provide a comprehensive analysis of the viral infection and immune response.
The sudden outbreak of COVID-19 has had a positive as well as a negative impact on the pharmaceutical as well as the life science industry globally. Certain market segments have been more severely affected due to the low demand for instruments, consumables, and reagents, as well as due to supply chain disruptions and trade restrictions.
The impact of the pandemic and slowing global research activities have also had a negative impact on the operations and financial performance of many of the players in the market. Due to the shutting down of academic & research institutes, there has been a decline in the sales of consumables & reagents used for spatial genomics & transcriptomics analysis. According to the Q2 2020 results published by Nanostring Technologies Inc., the company witnessed a massive decline of 34.0% in its Consumables segment compared to Q2 2019. According to the Q2 2020 results published by 10X Genomics Inc., the company observed a decline of 23.0% compared to Q2 2019.
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North America accounted for the largest share of the transcriptomics market
North America held the largest share in the global market, followed by Europe, with a share of 21.6%. The large share of the North American regional segment can be attributed to the presence of well-established as well as emerging market players operating in the spatial genomics market in this region.
10X Genomics (US), NanoString Technologies Inc. (US), Illumina Inc. (US), and Bio-Rad Laboratories (US) are the prominent players operating in the transcriptomics market. Product launches, collaborations, agreements, expansions, and acquisitions are the key growth strategies adopted by a majority of the leading players in the market to gain a competitive edge in the market.